Commons at Valencia Gateway Sold for $33 Million

Harbor Associates LLC announced Monday that the investment firm, in a joint venture with Goldman Sachs Asset Management Private Real Estate, has acquired the Commons at Valencia Gateway in a $33.1 million cash deal. Located at 25124 Springfield Court, the 156,628-square-foot office campus sits on 10.25 acres, according to Costar Group. Harbor plans to make upgrades to the two-building property, which opened in 2005. Barings, a real estate investment firm, was the seller, represented by Tom Bohlinger, Ryan Smith and Justin Hager of JLL. Currently 81 percent leased, the site has 15 tenants, including Five Point and La Vau Real real estate groups, U.S. Health Works Medical Group and Crown Virtual Tours. “The recently approved 5,000-plus homes at the Newhall Ranch, coupled with the Disney-ABC Studios at the Ranch’s 58-acre soundstage development, will provide new demand drivers to what is already a fundamentally sound office submarket,” Harbor’s Paul Miszkowicz said in a statement. The Commons is not the Long Beach-based firm’s only recent high-profile purchase. Last week, Harbor announced that it – with Blue Vista Capital Management – had acquired the 11.4-acre, two-building Conejo Corporate Campus for $22.9 million, with an eye toward revamping the site into an office campus. Harbor currently possesses more than 1 million square feet of office space in the Los Angeles and Denver metro markets.